Elrond (EGLD) surged 24% today as the broader crypto market slides

An adult analyzes a crypto chart on his laptop in his home office.

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Following the Federal Reserve interest rate hike of 0.75% yesterday, Elrond jumped nearly a quarter in total value, while the total crypto market fell 2%.

Key points

  • Elrond is a fast and scalable smart contract blockchain network that can handle a high volume of transactions at low cost.
  • According to CoinMarketCap, EGLD rose as high as $57.50 per coin, marking a 24% increase over the past 24 hours, before settling back down to $52.30 at press time. By comparison, the compound crypto market was down 2% at $895 billion on the day.
  • The EGLD coin reached its peak price of $542.58 on Nov 23, 2021 and even at today’s intraday high, it was still 89% below its all-time high.

Today, the Elrond cryptocurrency project saw an astonishing double-digit 24% increase in the price of its native coin EGLD. By contrast, the overall cryptocurrency category fell 2% as investors processed yesterday’s decision by the Federal Reserve to raise interest rates by 0.75%, marking the largest increase in a single day since 1994.

EGLD is often called eGold, which seems appropriate today as its price on cryptocurrency exchanges rose as high as $57.50 in the last 24 hours; however, it has regressed somewhat since then. It also had a whopping 85% increase in trading volume over the same time period, as a run of mini-FOMO seems to be happening around one of the few bright spots currently within the crypto space.

At the time of writing, most of the other cryptocurrencies in the top 10 projects based on market value were trading lower, including: Bitcoin, Ethereum, BNB, Cardano, and XRP. Compared to those other blockchains, the Elrond website boasts that it is 1,000 times faster than it used to be and is capable of processing 15,000 smart contracts per second while providing settlements for each of those transactions within seconds. for just fractions of a penny.

Is Elrond a purchase?

The EGLD coin reached its peak price of $542.58 on Nov 23, 2021, and even at today’s intraday high, it was still 89% below its all-time high.

This is not financial advice, just observational opinion, and each investor needs to measure their own risk levels and conduct their own research. However, it seems that the crypto markets are reaching their lowest point, and it might be worth considering a heavily discounted but proven project like Elrond with a lot of upside potential as an opportunity to start dollar cost averaging in crypto.

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